E-commerce has made a huge impact on the consumer market, now being the main cause of store closings and profit loss for big retailers. In addition to providing consumers with on-demand convenience, online retailers are so much better at knowing their customers. With the help of artificial intelligence and advanced tools that collect huge amounts of data about customers, online retailers are able to create more personalized shopping experiences.
Amazon has become a powerhouse in the consumer goods market, making it easier than ever to find products, purchase them, and have them shipped in no time. Amazon Prime gives users access to videos, music, free two-day delivery, and much more. Amazon’s digital assistant, Alexa, directly communicates with customers and helps to make their shopping experience easier. With Alexa’s help, Amazon is constantly collecting data on what customers want and need when it comes to shopping assistance.
Even in terms of marketing, Amazon has it down. Thanks to data collection and optimization with machine learning, Amazon’s advertisements are more personalized than ever.
So how does an offline retailer keep up?
Well, one solution is creating an on-demand connection with customers that they can interact with at any time. The connection must have a conversational interface, which will enable direct-to-consumer, two-way continuous connection.
Another solution is figuring out the right way to motivate customers to engage with the brand using the on-demand tools. Brands can come up with a loyalty program that rewards customers for their purchases. Automated inquiries might remind customers about items in their shopping cart or make suggestions for items they might be interested in.
The most important part is collecting as much data as possible about consumers, with trust and privacy always involved in the accumulation process. Data can come from consumption patterns, consumer behavior, location, and many other factors.
Amazon has been fostering levels of satisfaction, connection, and customer loyalty that keep consumers coming back. Amazon is the world’s largest internet company by revenue, and it doesn’t look like that’s changing any time time soon. But with so many other brands figuring out ways to match its speed, the future of the consumer goods market is looking bright.
Featured image via Flickr/mikemacmarketing